Wall Street’s 5 Biggest Tech Fails
SEC Sanctions Direct Edge for Weak Internal Controls, Oct. 13, 2011
The nation’s securities regulator said weak internal controls at Direct Edge caused millions of dollars in trading losses and a systems outage. Untested computer code changes led to unwanted trades involving nearly 27 million shares in 1,000 stocks, totaling roughly $773 million. Direct Edge settled the matter with the SEC without admitting wrongdoing.
[TMX Aims To Acquire Direct Edge Holdings]